B.C. holding public inquiry to track rise of money laundering

Judge to head probe into criminal activity in real estate, drugs

The B.C. government has appointed B.C. Supreme Court Justice Austin Cullen to head an inquiry into the explosive growth of money laundering, estimated by investigators to have reached $7 billion in 2018.

“This inquiry will bring answers about who knew what when, and who is profiting from money laundering in our province,” Attorney General David Eby said Wednesday.

Cullen will have powers to compel testimony and issue search warrants to collect records, Eby said, after two investigations into real estate, luxury car reselling and other illegal activities encountered people who refused to cooperate.

The commission of inquiry has been asked to produce an interim report within 18 months and a final report by May 2021, but Premier John Horgan acknowledged that costs and even the duration of the independent inquiry are not yet known.

Horgan said the purpose of the inquiry is to get control of drug trafficking and criminal investment inflating the price of B.C. real estate by as much as five per cent, not to assign political blame. But the final report is scheduled to emerge less than six months before the next scheduled B.C. election.

“Perhaps other governments were intoxicated by the revenues that kept coming in,” Horgan said. “There’s certainly evidence of that.”

READ MORE: RCMP has ‘no’ money laundering investigators in B.C.

READ MORE: Hot cars hide dirty money, B.C. investigation shows

The province does not have authority to compel testimony from the RCMP or FINTRAC, the federal agency that monitors suspicious cash transactions, which Eby said has let B.C. down in monitoring activity in casinos and other areas of suspicious money movement.

Horgan said he has informed Prime Minister Justin Trudeau and Bill Blair, federal minister for border security and organized crime, that the inquiry is going ahead, and is expecting full cooperation from them.

The province does not have authority to compel testimony from the RCMP or FINTRAC, the federal agency that monitors suspicious cash transactions. Eby said FINTRAC has let B.C. down in monitoring activity in casinos and other areas of international money movement, and he was appalled to find that the RCMP had no dedicated investigators looking money laundering in B.C., other than referring cases for civil forfeiture actions.

Horgan and Eby have repeatedly argued against holding an inquiry before individuals are prosecuted for their actions. The RCMP’s one major prosecution against a Richmond financial firm with ties to China was abandoned in November 2018, and the province is pursuing a civil forfeiture case to seize assets from the company’s owners.

The civil forfeiture case alleges that the married couple laundered money for customers including drug traffickers importing cocaine.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Fundraising campaign for church shooting victim exceeds goal

A seperate campaign for the man killed in the April 14 shooting is nearing $25,000 raised.

Okanagan-Shuswap Weather: Most long-weekend rain has already fallen

A mix of sun and cloud is expected for the last two days of the the Victoria Day weekend.

Court decision prompts CSRD to throw flood mitigation back at province

Public safety minister maintains Newsome Creek concerns in hands of local government

Update: Mother dead, youth in critical condition after carbon monoxide poisoning at Sandy Point Campground

The woman was found unresponsive insider her tent and the youth was taken via air ambulance to hospital

Racers are in gear for the 62nd annual Knox Mountain Hill Climb

Knox Mountain Drive and the base parking lot will be fully closed until Tuesday

The Old Guys reunite to play out spring

Salmon Arm Jazz Club hosts June 13 concert at Nexus

Rescue crews still searching for Okanagan kayaker last seen three days ago

71-year-old Zygmunt Janiewicz was reported missing Friday

B.C. VIEWS: Reality of our plastic recycling routine exposed

Turns out dear old China wasn’t doing such a great job

Okanagan tattoo fundraiser draws tons of support

Lineup around the block in Vernon for start of Five Fathoms Tattoo event for Children’s Hospital

Carbon dioxide at highest levels for over 2.5 million years, expert warns of 100 years of disruption

CO2 levels rising rapidly, now higher than at any point in humanity’s history

Crews responding to car crash in West Kelowna

A collision has been reported at the intersection of Carrington Road and Butt Road.

Woodworth purchased Summerland rink, created butcher operation

Giant’s Head Rink had been one of three facilities in Summerland

Get those flowers competition ready

Gardeners will come together June 29, for the 22nd Juried Flower Show

Most Read